The Chamber of Petroleum Consumers Ghana (COPEC-GH) says it expects local pump prices to go down by some three percent between now and the end of second window in June, this year, given the further drops expected in world market prices.
In a statement recently issued in Accra and signed by Williams Boakye Yiadom, Head of Research and Pricing, COPECGH, it said some key Oil Marketing Companies (OMCs), including GOIL, have already started adjusting prices downwards, as pump prices currently were dispensing petrol at GH¢3.85 per litre from the previous GH¢3.89 per litre.
Noting that fuel prices across most pumps had remained very stable over the past two months since the latter part of April, it added that public expectations of further reductions by the other Oil Marketing Companies (OMCs) in the coming days remained high.
“World market prices have since seen some cumulative reductions of about 6.122% from previous $49/ barrel to current levels of $46/ barrel.
“The local currency has also remained largely stable with the cedi losing a few points to close trading at GH¢4.38/$1 from previous trading levels of GH¢4.29/1$.
Meanwhile, it said activities of the fuel smuggling syndicate continue to pose huge challenge as volumes of the illegal trade continue to increase by the day with direct revenue losses of about GH¢.24 million daily.
“Reports of Ghanaian trucks hanging Burkina number plates to load products from the Tema Oil Refinery in the name of exporting same to our neighbouring countries but selling same in the country, thereby evading all the taxes remain rife.
“We once again call on the security agencies to arrest and prosecute all connected to this illegal syndicate without fail.”
A business desk report